### Required Information#### Problem 9-3A (Algo) Aging Accounts Receivable and Accounting for Bad Debts LO P2, P3_The following information applies to the questions displayed below._On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age.| Accounts Receivable | Age of Accounts Receivable | Expected Percent Uncollectible ||---------------------|------------------------------|--------------------------------|| $340,000 | Not yet due | 1.25% || 396,000 | 1 to 30 days past due | 2.00% || 67,200 | 31 to 60 days past due | 6.50% || 33,600 | 61 to 90 days past due | 32.75% || 13,440 | Over 90 days past due | 68.00% |### Problem 9-3A (Algo) Part 1#### Required:1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable.| Accounts Receivable | x | Percent Uncollectible (#.##%) | = | Estimated Uncollectible ||---------------------|----|-------------------------------|----|-------------------------|| Not due: | | | | || 1 to 30: | | | | || 31 to 60: | | | | || 61 to 90: | | | | || Over 90: | | | | || Estimated balance of allowance for uncollectibles | | | | |The table above is used to compute the total estimated uncollectibles by multiplying the accounts receivable for each aging category by the respective expected percent uncollectible, and summing the results to determine the estimated balance of allowance for uncollectibles.

"Estimated uncollectible" refers to an accounting term that represents an anticipated portion of…

Required information Problem 9-3A (Algo) Aging accounts receivable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Problem 9-3A (Algo) Part 1 Not due: 1 to 30: Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Accounts Receivable Percent Uncollectible (#.##%) 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles = = = Expected Percent = Uncollectible 1.25% 2.00 6.50 32.75 68.00 Estimated Uncollectible

Required information Problem 9-3A (Algo) Aging accounts receivable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Problem 9-3A (Algo) Part 1 Not due: 1 to 30: Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Accounts Receivable Percent Uncollectible (#.##%) 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles = = = Expected Percent = Uncollectible 1.25% 2.00 6.50 32.75 68.00 Estimated Uncollectible

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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PLEASE ANSWER ASAP Problem No. 3 You are auditing the accounts receivable and the related allowance for bad debts account of AACA Company. The following data are available: General Ledger Accounts Receivable 2022 Dec. 31 381,600 Allowance for Bad Debts 2022 2022 Jul. 31 GJ Write-off 7,200 Jan. 1 Balance 9,000 Dec. 31 GJ - Provision 21,600 Summary of Aging Schedule The summary of the subsidiary ledger balances as of December 31, 2022, is shown below: Debit balances Under one month P 162,000 One to six months 165,600 Over six months 68,400 P 396,000 Credit balances Mark Co. P 3,600 OK; additional billing in Jan. 2023 Lady Co. 6,300 Should have been credited to Ivan Co.* 8,100 Advance on a sales contract P 18,000 *Account is in “one to six months” classification. The…
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! Required information Problem 7-2A (Static) Estimating and reporting bad debts LO P2, P3 [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 1,905,000 $ 5,682,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts Problem 7-2A (Static) Part 1 $ 1,270,100 debit $ 16,580 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 1.5% of credit sales. b. Bad debts are estimated to be 1% of total sales. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31).